Senior Product Manager Salary
Generous salaries abound for Senior Product Managers in the United States, with average pay above six figures ($119K) per year. Cash earnings for Senior Product Managers — including $25K in bonuses and $20K in profit sharing proceeds near the top of the pay scale — generally stretch from $87K to $164K depending on individual performance. The specific employer is the biggest factor affecting pay for this group, followed by the particular city and tenure. The majority of workers are highly satisfied with their job. Medical benefits are awarded to almost all, and a large number earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Senior Product Manager
A senior product manager handles many of the oversight duties involved in getting a product from the concept stage to the production stage; they also work to maximize product by foreseeing customer and market demands. Depending on their business' needs, this can include a number of different tasks. Typically, a senior product manager is in charge of ensuring that best practices are followed, goals are met, and projects and related operations are conducted effectively. Senior product managers are often in charge of coordinating marketing, sales, and other product-implementation strategies to ensure that operations are properly conducted. When it comes to product development, there are usually numerous stakeholders in the success of a product who may have differing visions for the product. A senior product manager serves as a liaison between stakeholders and the development/implementation teams. A senior project manager also must evaluate the market to find ways to better serve the customers and increase profitability.Read More...
Senior project managers typically have extensive experience and training in various aspects of business and commerce. They are proactive, leadership-oriented, and familiar with the needs of the company and the customer base. They must have knowledge of technical processes, adherence to marketing guidelines, and familiarity of business strategies. As with most leadership or oversight positions, senior project managers must be able to communicate effectively, analyze data from numerous inputs, and provide direction and guidance to their subordinates.
Senior Product Manager Tasks
- Transform business and market strategies into do-able, defined product plans.
- Lead market research and position conversations to ensure viable products and balanced growth.
- Define and document product requirements and roadmaps for execution and sales.
- Collaborate with cross-functional teams for every stage of product development.
Common Career Paths for Senior Product Manager
Senior Product Managers who transition into a VP of Product Management role may receive large pay increases as the latter position pays an average $179K per year. As Senior Product Managers progress in their field, many go on to become Product Management Directors. In fact, this transition is more common than anything else, and pay for the position is usually $140K per year. Another common career choice for Senior Product Managers is to move into a Marketing Director role. Typically, Marketing Directors get paid $80K.
Senior Product Manager Job Listings
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Popular Employer Salaries for Senior Product Manager
Amazon.com Inc, T-Mobile, Inc., General Electric Co (GE), Cisco Systems Inc, and Oracle Corp. are all popular places to work. Hewlett-Packard Company offers the highest compensation with a median salary of $186K. Soaring salaries can also be found at Genentech, Inc., eBay Inc., and Google, Inc., where earnings of $166K, $165K, or $162K are standard for Senior Product Managers.
Charles Schwab & Co., Inc., T-Mobile, Inc., and General Electric Co (GE) also scrape the bottom of the pay scale, with median earnings hovering around $109K, $115K, and $126K.
Popular Skills for Senior Product Manager
Senior Product Managers seem to wield many skills on the job. Most notably, skills in Strategy, Agile Software Development, Program Management, and End User Requirements Research are correlated to pay that is above average, with boosts in pay of 4 percent. Skills that seem to negatively impact pay include Microsoft Excel, Project Management, and People Management. Most people skilled in Product Development are similarly competent in Business Strategy, Product Marketing, and End User Requirements Research.
Pay by Experience Level for Senior Product Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Six-figure salaries are not unusual for those just entering the occupation — survey respondents with less than five years' experience under their belts report receiving an average of $118K per year. People with 10 to 20 years of experience make an average of about $131K in this role. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $130K.
Pay Difference by Location
For Senior Product Managers, California means bigger paychecks — those in Palo Alto, San Jose, and San Francisco earn more than Senior Product Managers in the rest of the country. Atlanta is home to the smallest salaries in the field, lagging the national average by 10 percent. Below-median salaries also turn up in Denver and Portland (8 percent lower and 7 percent lower, respectively).
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Key Stats for Senior Product Manager
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